Methode Electronics, Inc. acquires TouchSensor Technologies from Gemtron Corporation
CHICAGO, March 1, 2007 Methode Electronics, Inc. (NASDAQ: METH), a global manufacturer of electronic components and subsystem devices, today announced that it has acquired one hundred percent of the member interest of TouchSensor Technologies, LLC from Gemtron Corporation for $65 million in cash and assumed liabilities. Gemtron Corporation is owned by SCHOTT North America and AFG Industries.
TouchSensor is the North American market leader in solidstate, fieldeffect switching. Using its patented technology, the Company designs and manufactures touch-sensitive user interface panels found on products such as home appliances, commercial beverage dispensers and automobiles. More durable and reliable than mechanical or membrane switches, TouchSensor® panels are becoming increasingly popular and are used by many of the world’s leading brands, including Whirlpool/Maytag, Electrolux, LifeFitness, Precor, Kohler, General Electric and BMW. This transaction, which is anticipated to be accretive to Methode’s fiscal year 2008 earnings, directly complements Methode’s corporate strategy, offering expected near and longterm synergies. TouchSensor’s patented applications are already found in multiple industries and offer Methode a platform from which to expand into new markets, such as medical and pointofsale equipment. Moreover, this acquisition provides Methode with an exciting new technology to offer its existing and future automotive OEM customers.
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